Why the EML Payments (ASX:EML) share price is rocketing 19% higher

The EML Payments Ltd (ASX: EML) share price has been a very strong performer on Wednesday.

In morning trade the payments company’s shares were up as much as 19% to $5.00.

The EML Payments share price has since pulled back but remains 12% higher at $4.72 at the time of writing.

Why is the EML Payments share price rocketing higher?

Investors have been fighting to get hold of EML Payments shares this morning following the release of its half year results.

For the six months ended 31 December, the company reported strong growth across all key metrics.

EML Payments reported a 54% increase in group gross debit volume to $10.2 billion, which led to a 61% jump in revenue to $95.3 million.

Due to the company’s pivot to deriving the…